Investment logic
The company starts with oxidation sub-wind and constantly enriches the product matrix.
The expansion of the production of new lithium salts leads to the increase of the demand for oxidation subwind. Chlorinated sub-wind is used in medicine, pesticides, food additives, dyes, lithium batteries and other fields. Sub-oxide is one of the core raw materials of the new lithium salt LiFSI. At present, the application of LiFSI is mainly in the form of additives. With the gradual decline of the price, we think that LiFSI is expected to accelerate its application under the trend of high brocade. We estimate that the demand for LIFSI in 2025 is expected to reach 6. 6-93000 tons, when the potential demand for LiFSI for alum chloride will reach 11. 2-158000 tons.
In 2021, the global demand for Yinghua inkstone is about 600000 tons, and the consumption in China is about 330000 tons. We estimate that the potential demand for global atmosphere subwind will reach 82.1-867000 tons by 2025. The company is a leading enterprise of chlorinated sub-wind, with a production capacity of 150000 tons, which is much higher than its competitors in technology, capacity utilization and scale.
The company is the leader of aramid monomer, and extends the industrial chain to develop high-performance new material PEKK. The company's aramid monomer products are mainly (m / a pair) phthaloyl oxide, which is the core raw material of high-performance aramid. The company currently has a production capacity of 21000 tons, expanding to 31000 tons in the second half of 2022. The company has its own raw materials, Yafeng, and with high-purity high-quality products and stable supply capacity, products are supplied to world-famous customers. PEKK downstream is mainly 3D printing materials, thermoplastic composites, coatings, etc., and the future in the medical field potential space is huge, the company IPO project raised 2000 tons of high-performance PEKK new materials project the first phase of 1000 tons will be put into production in the second half of 2022, in addition, according to the subsidiary Tanfang Kaisheng environmental assessment report, the company plans to build 10000 tons / year high-performance poly (aromatic awakening ketone) new materials integration industry chain project in Tanfang.
Profit forecast
We estimate that the net profit of the company from 2022 to 2024 will be 339 million yuan, 488 million yuan and 628 million yuan respectively, and the EPS will be 0.81,1.16,1.50 yuan respectively.